The Home Refinance Plan Banks Don't Want You to Know Ashburn, VA
August 29, 2016
Are you paying too much for your mortgage? Shockingly, most Americans do not realize they could be saving thousands of dollars every year, simply by taking advantage of a new government program that banks are trying to keep secret.
The Home Affordable Refinance Plan (HARP) was recently signed into law to help middle-class Americans renegotiate their mortgages. Millions of Americans could qualify and save a tremoundous amount of money. Smart homeowners who know how to take advantage of this opportunity have seen their mortgage payments drop by as much as $4,905 each year!
The HARP program isn't going to last forever. In fact, there are only a few more months remaining to take advantage of this government-backed program. Experts predict that the banks will be overwhelmed with HARP applications right before the program ends, so it's best to get your application in early before they become backlogged.
If an extra $100, $200, $300, or $400 in your pocket each month would make a difference in your life, it's vital that you act today.
A true stimulus package for the middle-class
One of the great aspects of the Home Affordable Refinance Program is that it is designed to help middle-class Americans. Homeowners with mortgages less than $625,000 have an increased chance of qualifying for these exceptionally low rates. The government is pushing this program to help put money back into the middle-class, and get the economy out of the recession.
But the banks are not happy about this. Here's why:
- You have the option to shop lenders other than your current mortgage holder
- Your home's Loan-to-value (LTV) may be 80% to 125%
Banks know that the more their customers learn about this program, the less money they will make. Your bank wants to keep you at the high rate they gave you, and so they are doing everything they can to get the government to end the HARP program. The bank lobbyists in Washington will soon get their way, which is why you need to act now.
How much could you be saving?
A typical interest rate just a few years ago was 6.25%. Here's an example of how much you could be saving if you refinanced today:
|What a 3% difference really means.|
|200k loan @ 6.25%||200k loan @ 3.25%||SAVINGS|
|$1231 per month||$870 per month||$361 per month|
|$443,316 total cost||$313,348 total cost||$129,968 total cost|
How do I get these low rates?
If you walk into your local bank and ask for a HARP loan, chances are they will try to talk you out of it. They'll try to scare you into paying more for "their superior service," but let's be honest. Are you really that happy with how your bank has treated you over the years?